Brent falls despite US crude stock draw

Front-month ICE Brent crude futures dropped by $0.42/bbl in the first hour after the official weekly oil figures from the US Energy Information Administration (EIA) were released today.

PHOTO: An oil pumpjack with the US flag in the background. Getty Images

Commercial crude oil inventories in the US plunged by 2.55 million bbls to 457 million bbls in the week ending 14 June.

Refinery crude runs dropped by 282,000 b/d as the country's refinery utilisation fell by nearly 2 percentage points to 93.5% last week.

Gasoline stocks fell by 2.28 million bbls on the week to 231 million bbls.

Distillate stocks, which include diesel and gasoil, also dropped by 1.72 million bbls to 122 million bbls.

By Debarati Bhattacharjee

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